London-based Smith & Williamson has selected Edinburgh-based Hampden & Co, the UK's newest specialist private banking institution, to take on its loan book following its decision to relinquish its banking licence.

The loan book, which stood at £51 million at 30 April 2019 according to S&W’s latest annual report and accounts, is secured against client investment portfolios.

Transfer of the loans is expected to complete before the year-end.

“It is crucial that our clients continue to receive the same high level of service that they have been accustomed to,” said David Cobb, S&W’s co-chie...